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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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Board of K.P. Energy decides to incorporate SPV for wind power project at Mahuva site
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K.P. Energy announced that for establishment of Power infrastructure for wind power project at Mahuva Site at district Bhavnagar, Gujarat, it is required to incorporate project specific Special purpose vehicle (SPV). The Board at its meeting held on 28 January 2017 decided to incorporate LLP for the aforementioned purpose.

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Malabar Trading Company to announce December quarter and year end results
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Board of Intrasoft Technologies to consider December quarter results
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1. Un-audited Standalone and Consolidated financial results for the quarter ended on 31 December 2016.

2. Limited Review Report for the said period.

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Upasana Finance to announce Q3 results
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- Un-Audited Financial Results for the Quarter ended 31 December 2016 (01 October 2016 to 31 December 2016).

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GOCL Corporation to announce Q3 and 9M results
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Agenda for board meeting of Uday Jewellery Industries
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1. To avail and renew fund based and non fund based financial facilities from Kotak Mahindra Bank aggregating to Rs. 10,00,00,000/- (Rupees Ten Crores only).

2. To place before the Board and take on record the Corporate Governance Report in accordance with Regulation 27(2) of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, for the quarter ended 31 December 2016.

3. To take on record the statement of Investor Complaints for the quarter ending 31 December 2016, in compliance with Regulation 13(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

4. To approve the related party transactions, if any.

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1. To fix the issue price for the equity shares proposed to be issued on rights basis.

2. To fix the record date for the proposed Rights Issue.

3. To decide the Terms of Issue.

4. To discuss any other matter incidental to the rights issue.

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Swelect Energy Systems to announce December quarter results
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Fredun Pharmaceuticals to announce December quarter results
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Sree Rayalaseema Alkalies & Allied Chemicals announces change in nominee director
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Sree Rayalaseema Alkalies & Allied Chemicals announced that IDBI vide their letter dtd. 19 November 2016 has intimated the Company about the change in their Nominee Director to be effective from 10 December 2016. Accordingly new Director Subhasish Roy has been co-opted in place of B. Srinivasa Rao in the Board Meeting held on 27 January 2017.

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Suzlon Energy intimates of ratings for proposed bank facilities of subsidiary - Suzlon Global Services
Jan 28,2017

Suzlon Energy announced that Suzlon Global Services (formerly known as Suzlon Structures), its wholly owned subsidiary, has received A- (Provisional) credit rating with stable outlook from CARE. The rating has been assigned for proposed long term and short term bank facilities.

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